Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

UK broker activity slows in past week

broker

The drop in the number of European standardised information sheets generated by brokers follows eight consecutive weeks of growth

The number of product illustrations downloaded by brokers has fallen by 4.7 per cent over the past week, according to data from Mortgage Brain.

The drop in the number of European standardised information sheets generated by brokers follows eight consecutive weeks of growth.

Volumes are now 10.8 per cent lower than pre-pandemic levels.

However, the sourcing system notes that the share of ESIS downloaded for residential purchases surpassed pre-lockdown levels by 8.5 per cent in the past seven days, suggesting the sales market is starting to recover.

ESIS downloads for products up to 80 per cent LTV also returned to pre-pandemic levels, but at 85 per cent LTV and over volumes were nearly 13 per cent lower than they were in the week ending March 6.

The number of available products has continued its slow recovery, rising 1.46 per cent over the last week to 9,165.

This is the highest level seen since the pandemic reached the UK, with product totals now 23.4 per cent higher than those seen in the low point of the week ending April 12.

Nevertheless, product numbers remain 37.5 per cent below the nine-week average to March 16.

Mortgage Brain chief executive Mark Lofthouse says: It’s striking to see the way that the proportion of ESIS for home moves has increased in recent weeks. Remortgage cases understandably dominated the business mix during lockdown, but with the housing market in England once again operational, it’s clear that buyers are getting on with moving.

That overall ESIS volumes have remained largely stable for four weeks is also enormously encouraging, demonstrating there is some foundation to the recovery we are seeing, he said.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.